Gold climbs to Rs 29,450 on global cues, silver tops Rs 39,000

New Delhi: Gold prices surged by Rs 230 to trade at six-week high of Rs 29,450 per ten grams at the bullion market today, taking positive leads from global markets amid increased buying by local jewellers.

Silver reclaimed the Rs 39,000-mark by surging Rs 535 to Rs 39,375 per kg on increased offtake by industrial units and coin makers.

Traders attributed the rise in gold prices to a firm trend overseas where gold rallied to six-week high on rising demand for the yellow metal as the dollar dropped to a 13- month low after the US Federal Reserve indicated that it would keep to a slow path of monetary tightening.

Globally, gold rose 0.30 per cent to USD 1,264.31 an ounce in Singapore.

In addition, increased buying by local jewellers to meet retailers’ demand at domestic spot markets also supported the upmove in gold, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 230 each to Rs 29,450 and Rs 29,300 per ten grams, respectively, a level last seen on June 9. It had lost Rs 180 yesterday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

Tracking gold, silver ready jumped up by Rs 535 to Rs 39,375 per kg and weekly-based delivery by Rs 610 to Rs 38,520 per kg.

On the other hand, silver coins maintained a steady trend at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.